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How Should Personal and National Wealth Be Measured?
Money For the Rest of Us
Introduction
In 1776, Scottish philosopher and economist Adam Smith published a book titled An Inquiry into the Nature and Causes of the Wealth of Nations. He described national wealth as the increase of revenue and stock. By revenue, he meant income, rent, wages. Stock, he meant land, capital to be invested, money, including gold and silver. That wealth increased as goods and services were produced,. As trade happens, as economic output increases.
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